Mixed news for Tullow Oil African sites

In a statement released this morning, Tullow Oil have reported mixed news from its operations in Africa.

The company announced an oil discovery on its Odum-1 exploration well in Ghana, but also said it was suspending its Ngassa exploration well in Uganda with plans to redrill from an alternative location.

Tullow said its Odum-1 well in the West Cape Three Points licence offshore Ghana, has light oil accumulations, based on the results of drilling, wireline logs and a sample of the reservoir fluid.

The company also said today that due to instability, it has decided to suspend its Ngassa-1 exploration well in Uganda. It plans to redrill from an alternative location were conditions are expected to be more 'benign'.

Aidan Heavey, CEO of Tullow Oil said: “The discovery of oil in the Odum well continues the success of our exploration campaign in Ghana. This commercial discovery is located only 13 kilometres from the larger Jubilee Field and has opened up a new prospective play in the region.

While the technical challenges associated with the Ngassa well are disappointing, it remains a valid high impact prospect and the new location, 3D seismic and experience of drilling Ngassa-1 should enable us to successfully drill it as part of Tullow's Lake Albert Rift Basin campaign."